Amcor Q2 Profit Down

(RTTNews) - Amcor plc (AMCR) Tuesday reported second-quarter net income of $139 million or $0.12 per share, down from $186 million or $0.11 per share last year.

Net sales for the quarter dropped to $2.23 billion from $3.04 billion last year.

Amcor's CEO Mr Ron Delia said: "Amcor delivered a good first half result and our outlook for fiscal 2020 adjusted EPS growth has improved to 7-10%. The integration of the Bemis business is on track and the combined flexible packaging business has achieved mid single digit organic growth in addition to the delivery of synergy benefits. We are making very good progress capturing synergies with momentum building ahead of our initial expectations and we are excited by the opportunities for the combined business as we look ahead."

Looking forward to full year 2020, the company now expects adjusted earnings of of about 7-10%, compared to previous outlook of 5-10%.